Stock Market Highlights, June 21: Indian bourses settle lower; Nifty holds 23,500

Posted by Admin June 21, 2024 Bussiness

3:44 PM

Tech View: Nifty might fall towards 22,750 in the short term

Nifty has been hovering within the 23300 to 23600 range, indicating indecisiveness, which sets the stage for a very volatile monthly expiry.

A decisive move above 23600 might take the index towards 24000 in the short term, whereas failure to hold above 23300 might trigger panic in the market. Below 23300, the Nifty might fall towards 22750 in the short term.

(View By: Rupak De, Senior Technical Analyst, LKP Securities)

3:42 PM

Comment: Market witnesses profit booking amid slow monsoon progress

The domestic market witnessed minor profit booking amid concerns over the slow progress of the monsoon, resulting in underperformance in the FMCG sector. The heatwave in Northern India is driving consumer durables stocks up. The global markets were subdued as weak guidance from Accenture led to profit booking in US tech stocks.

Conversely, domestic IT stocks saw buying interest as market participants appeared to have factored in weaker earnings. Attention is now focused on the upcoming GST meeting, where the potential rationalization of GST rates in certain sectors is under discussion.

(Comeent By: Vinod Nair, Head of Research, Geojit Financial Services.)

3:02 PM

GE Power rallies 9% on Rs 243 cr order win from NTPC GE Power Services

The surge in stock price came after GE Power announced that it has received a letter of Intent from NTPC GE Power Services for a project worth Rs 243 crore. READ MORE

2:54 PM

ALERT:: Marathon NextGen boards okays Rs 500 cr fund raise plan; stock trades flat

Marathon NextGen Realty in an exchange filing today said the company’s board has approved fund raise plan of up to Rs 500 crore.

2:21 PM

ALERT:: Kirloskar Pneumatic inks MoU to buy majority stake S&C India; stock up 3%

Kirloskar Pneumatic Company in an exchange filing today said it has entered into a Memorandum of Understanding (MoU) to acquire a majority stake (above 51%) in Systems & Components India Private Ltd (S&C India).